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| Topic: |
Book Reports
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| Number of pages / Number of words: |
5 / 1243 |
Essay's paper body
If the payer is to choose i without knowing the value of j, the best choice is the one that maximizes the expected monetary value
EVPI represents the maximum amount we would be willing to pay for a perfect prediction of an uncertain outcome. EVPI is calculated relevant to a particular uncertain event or variable: what is the most we would pay to know with 100% certainty the outcome of that event or variable? It is also calculated relevant to a decision: if we knew the outcome of the event, what strategy would be affected?
In decision theory, the expected value of sample information (EVSI) is the price that one would be willing to pay in order to gain access to a sample from the distribution about which the prediction has to be made...
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If the payer is to choose i without knowing the value of j, the best choice is the one that maximizes the expected monetary value
EVPI represents the maximum amount we would be willing to pay for a perfect prediction of an uncertain outcome. EVPI is calculated relevant to a particular uncertain event or variable: what is the most we would pay to know with 100% certainty the outcome of that event or variable? It is also calculated relevant to a decision: if we knew the outcome of the event, what strategy would be affected?
In decision theory, the expected value of sample information (EVSI) is the price that one would be willing to pay in order to gain access to a sample from the distribution about which the prediction has to be made...
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